Wealth is going ‘woke,’ says UBS: Rich people are now ‘younger, more female—and more openly queer,’ thanks to the Great Wealth Transfer

The face of wealth is changing: Increasingly younger, female, and openly queer people will control family fortunes as a result of the much-anticipated Great Wealth Transfer, writes UBS.Studies have found that over the next 20 to 30 years, as much as $124 trillion will be passed down from older generations to their younger counterparts. The baby boomers—people born between 1946 and 1964—are the wealthiest generation in history. As these individuals begin passing on their fortunes, sums will go immediately to their Gen X, millennial, and Gen Z successors, and some cash will go to spouses.According to UBS modeling, over the next two decades, some $80 trillion will change hands. The demographics of younger generations are different from those of their parents or grandparents, UBS’s Paul Donovan wrote last week.

“Wealth owners will be younger, more female—and more openly queer,” he said.

The economist highlighted new research from Gallup, which found that approximately 3% of Baby Boomers (aged 62 to 80) identified as LGBTQ . That is significantly lower than Gen Z (aged 14 to 29), of which 23% identified as LGBTQ , and Millennials, of which approximately 10% identified as LGBTQ .

“Around 20% of the inheriting generation (predominantly Gen X) are........

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